More: Salary Cap Issues Part 2
Pro Football Talk reports that the Steelers have restructured the contract of cornerback Ike Taylor as part of their continuing effort to get under the salary cap.
A source with knowledge of the situation tells PFT that cornerback Ike Taylor, who signed a four-year deal with the Steelers before the 2011 season, has converted the maximum amount of his $5.75 million base salary for 2012 into a signing bonus. Since the minimum base salary for a player with Taylor’s experience is $825,00, the team was able to give him $4.925 million now.
The maneuver pushed $3.28 million in cap space into future years, pushing the total cap space created by three restructurings to nearly $15 million.
The Steelers also recently restructured the contracts of LaMarr Woodley and Lawrence Timmons, and they also released Arnaz Battle and Bryant McFadden. They will likely continue to make moves to clear salary-cap space.
Taylor is unfortunately probably now best known for his awful performance in the Steelers’ first-round playoff loss against the Denver Broncos, but he’s the Steelers’ top cornerback.
Via Steelers Depot.
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